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What is Blockchain and how does it work?

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The blockchain is a technology that is revolutionizing the way in which transactions are carried out and information is stored.

Its importance lies in the fact that it provides a secure, reliable and transparent way to carry out transactions or record information, all without the need for a central authority or intermediary. In addition, the blockchain allows for the creation of a decentralized system of record, which means that information is stored in many places at the same time, making it virtually impossible to tamper with or change without detection.

The blockchain is a valuable tool in the digital age that offers greater security and transparency in the management of information and transactions, but what do we know about the blockchain?

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What is the blockchain?

The blockchain is a digital database that allows information to be stored safely and reliably without the need for a central authority that uses encryption as a form of coding to keep the network safe. In other words, it is a record that contains information and is saved in many places at the same time, that is, every time something new is added to the blockchain, all copies are updated and the information is verified through encryption methods to make sure it is accurate. This means that the information on the blockchain is very difficult to manipulate or change without being detected, which makes it very secure and reliable.

How does the blockchain work?

The blockchain works as a digital registry where packets containing information are stored, these packets are kept in many places at the same time. Every time something new is added to the blockchain, it is stored in blocks. Once the limit of information that can be stored in one of these packages is reached, a new block is created with the information. This block connects to the previous blocks creating a chain of blocks, hence the name “blockchain”.

In order for a new block to be added to the blockchain, it is necessary for network users to verify and approve it, this is done through a process called mining, which is responsible for shielding these blocks with a complex mathematical process called encryption. This means that the information on the blockchain is very difficult to manipulate or change, making it very secure and trustworthy.

Simply put, the blockchain is a digital record that is kept in many places at the same time and is constantly checked to make sure the information is accurate. This means that the information on the blockchain is secure, reliable, and transparent.

Conclusion

In conclusion, the blockchain provides a reliable and secure solution when storing information in an increasingly digital world, its impact and scope can be significant in a wide range of industries and applications. In summary, the blockchain is a valuable tool for the digital age that offers a higher level of security and transparency in the management of information and transactions.

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This technology has gained great importance in recent years, since it can be used by multiple industries, which is a surprise to everyone since it was believed that it could only be used for the creation of Cryptocurrencies.

Despite the fact that blockchain technology is a cutting-edge technological resource in multiple industries, it is not necessarily the most important within the Crypto ecosystem, since new features have appeared every year that have made the ecosystem evolve, such as smart contracts and decentralized applications.

This technology is known as chain of blocks or blockchain since its system consists of packaging a certain amount of information, to later be verified and secured through Cryptography, in this way information packages or “Blocks” one after the other.

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